New York Markets After Hours

United Bankshares, Inc. Receives Fed Approval

By

Published: Dec 13, 2013 4:56 p.m. ET

Share

WASHINGTON & CHARLESTON, W.Va., Dec 13, 2013 (BUSINESS WIRE) --
United Bankshares, Inc. ("United") and Virginia Commerce Bancorp, Inc.
("Virginia Commerce") received regulatory approval from the Board of
Governors of the Federal Reserve System (the "Federal Reserve Board")
for the merger (the "Merger") of Virginia Commerce with and into George
Mason Bankshares, Inc. ("George Mason"), a wholly-owned direct
subsidiary of United, pursuant to the Agreement and Plan of
Reorganization, dated as of January 29, 2013, as amended, among United,
George Mason and Virginia Commerce, and related plan of merger. United
and Virginia Commerce previously received the necessary regulatory
approval for the Merger from the Virginia State Corporation Commission,
and each of United's and Virginia Commerce's shareholders approved the
Merger in October of 2013. With the Federal Reserve Board approval, all
regulatory and shareholder approvals required for consummation of the
Merger have now been obtained. Richard M. Adams, Chairman and Chief
Executive Officer of United, stated: "We are looking forward to having
the largest community bank headquartered in the Washington, D.C. MSA."

Consummation of the Merger remains subject to customary closing
conditions. Assuming such conditions are satisfied, the parties intend
for the Merger and the merger of Virginia Commerce Bank, a wholly-owned
direct subsidiary of the Virginia Commerce, with and into United Bank, a
wholly-owned direct subsidiary of George Mason (the "Bank Merger"), to
close on January 31, 2014.

Cautionary Statements Regarding Forward-Looking
Information

The information presented herein contains forward looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, including statements of the goals, intentions, and expectations of
United and Virginia Commerce as to future plans and events. These
forward-looking statements include, but are not limited to, statements
about the expected closing date for each of the Merger and the Bank
Merger. In some cases, forward-looking statements can be identified by
use of words such as "may," "will," "anticipates," "believes,"
"expects," "plans," "estimates," "potential," "continue," "should," and
similar words or phrases. These statements are based upon the beliefs of
the respective managements of United and Virginia Commerce as to
judgments about the ability of the parties to successfully consummate
the Merger and the Bank Merger and other conditions which, by their
nature, are not susceptible to accurate forecast and are subject to
significant uncertainty. Factors that could cause results and outcomes
to differ materially include, among others, (i) the ability to meet
closing conditions to the Merger on the expected terms and schedule; and
(ii) a delay in closing of either the Merger or the Bank Merger. Because
of these uncertainties and the assumptions on which this discussion and
the forward-looking statements are based, actual future operations and
results in the future may differ materially from those indicated herein.
Readers are cautioned against placing undue reliance on such
forward-looking statements. Past results are not necessarily indicative
of future performance. United and Virginia Commerce assume no obligation
to revise, update, or clarify forward-looking statements to reflect
events or conditions after the date of this filing.

Important Additional Information

For more information about the Merger, see United's Current Report on
Form 8-K filed with the SEC on January 30, 2013, United's Annual Report
on Form 10-K filed with the SEC on February 28, 2013, and the
registration statement filed by United with the SEC on Form S-4 on May
29, 2013 (and all subsequent amendments thereof and prospectus
supplements thereunder).

Investors can obtain all documents filed with the SEC by United free of
charge at the SEC's Internet site (http://www.sec.gov).
In addition, documents filed with the SEC by United will be available
free of charge from the Corporate Secretary of United Bankshares, Inc.,
514 Market Street, Parkersburg, West Virginia 26101 telephone (304)
424-8800. These documents may also be obtained for free by accessing
United's website at www.ubsi-inc.com
under the tab "Investor Relations" and then under the heading "SEC
Filings".

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.